University of Akron’s board of trustees on Wednesday, June 11, approved a $367 million budget for fiscal year 2015 and signed off on details of the contract for incoming president Scott L. Scarborough, Ph.D.

The university said vice president and chief financial officer David Cummins presented a balanced budget that features “a reallocation of limited resources and projections for limited growth.” Cummins said in a statement that the development of the budget "has been exceptionally challenging" but is strengthening the financial outlook for the university going forward.

Details of the budget are here. Among the highlights, according to the university:

Efforts across campus “to reduce expenses by 2.6 percent and 4.1 percent in academic and academic support units, respectively.”

A 2% salary increase for non-bargaining staff and contract professionals, following a year in which salaries were frozen. The 2% increase accounts for a $1.4 million expense in the budget.

An increase of $1.7 million in scholarships to support recruitment efforts. The total scholarship budget to support student success is $50 million.

The university said the budget includes an increase of 2.8%, or $2.6 million, in state funding from the year before “due to improved student performance and an increase in the number of UA graduates earning degrees.”

Trustees also approved a five-year contract providing Scarborough with an annual base salary of $450,000 and the following perks: